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The former Honda Formula One team has been saved and will contest the 2009 season as Brawn GP.
The Honda Motor Company Limited and ex-Honda boss Ross Brawn, 54, have reached agreement to preserve the team.
Britain's Jenson Button and Brazilian veteran Rubens Barrichello, last year's Honda line-up, will continue to drive for the British-based team.
Brawn GP will use Mercedes engines when the new F1 season starts in Australia on 29 March.
Honda pulled out of F1 in December as a result of the global financial crisis, leaving the team to search desperately for a buyer.
The statement, released on the new Brawn GP website, did not reveal the financial details of the buyout.
Brawn, a former Ferrari technical director, said: "The past few months have been extremely challenging for the team but today's announcement is the very pleasing conclusion to the strenuous efforts that have been made to secure its future.
"Firstly, it is a great shame that having worked with Honda Motor Company for so long we can no longer continue together.
"I would like to thank Honda for the fantastic co-operation and support we have received throughout this process, particularly those members of the senior management who were closely involved with concluding our agreement, and for the faith they have demonstrated in myself and our team." The vast experience and knowledge that both drivers bring to our team will prove invaluable as we aim to get up to speed in the shortest possible time
Brawn, who joined Honda at the start of last season, added that he was delighted to retain the same driving line-up.
"The vast experience and knowledge that both drivers bring to our team will prove invaluable as we aim to get up to speed in the shortest possible time to be ready for the first race of the season," he said.
"In what will be their fourth season together, their experience with our team in Brackley, our systems and our engineers, will prove a real asset."
He added: "I would like to express particular appreciation for the support we have received from Mercedes-Benz Motorsport, the FIA (Federation Internationale de L'Automobile), FOM (Formula One Management), Fota (Formula One Teams Association) ... and our many fans the world over.
"The journey ahead will be challenging but exciting and we know we can count on their continued enthusiasm for our team and its ambitions."
Hiroshi Oshima, managing officer of Honda Motor Company Limited, wished Brawn well in his new role as team owner.
"Since announcing our withdrawal from Formula One racing on 5 December of last year, we have conducted various studies and discussions so that the team can continue its activities as a new team," said Oshima.
"We are very pleased that we could sell the team to Ross Brawn, with whom we have been partaking in the challenges of F1 competition, and are grateful for his decision. We offer our sincerest wishes for the new team which will be led by Ross."
Brawn GP will attend the remaining pre-season tests, in Barcelona starting on 9 March and Jerez starting on 15 March. With the team's survival, Formula One will start the season with 10 teams - one fewer than at the beginning of 2008 before Super Aguri folded.

WereslothStaffPremium Member

Looks good. I wonder which sponsors they will take?.....as color will be changed according to that sponsors...Green lines on the nose looks fine also....I'm very happy see Honda is survived in such a good way....Braun will absoulety bring this team to somewhere good.